Clem Chambers

"Copper's going to do what silver just did, but it's not done it yet. It's just starting... That's early doors on a parabola." Chambers identifies a rotational pattern in commodities. Silver had its parabolic run and crash; capital is now rotating into Copper. The "hockey stick" chart pattern is currently forming, suggesting an imminent vertical move. LONG Copper to catch the beginning of the parabolic phase. The "hockey stick" fails to materialize or global recession dampens industrial demand.

"I hold a lot of gold, a lot of platinum, and way more than that palladium... I'm expecting gold to pick up on the trend... and it will just grind along." Unlike Silver, Gold did not go fully vertical/parabolic yet. It is in a sustainable uptrend ("grind"). Platinum and Palladium are expected to sync with Gold's movement, offering significant upside as they play catch-up. LONG the precious metals complex (excluding Silver) for a steady trend following trade. A strong dollar or hawkish Fed policy that restricts actual liquidity (though Chambers deems this unlikely).

"My latest love... is companies like Fluor... They make clean up, sort out, help out, build, plan nuclear power stations... that share is going to turn around from being the biggest shaggy dog... to being a golden unicorn." There is a massive structural demand for nuclear energy to power AI and re-industrialization. Fluor has a massive moat because very few companies globally are certified/capable of building and servicing nuclear plants. Scarcity of service providers + high demand = "ballistic" share price. LONG Fluor as a contrarian, deep-value nuclear infrastructure play. Regulatory hurdles in nuclear energy or project execution delays common in the construction sector.

Nokia is deeply undervalued and a direct beneficiary of AI-driven mobile infrastructure spending. Nvidia recently invested $1 billion into Nokia to build out 6G and AI capabilities. As a European company with low valuation and a key role in the 6G buildout that is replacing Chinese vendors, Nokia is a compelling long.

"Gold and silver... going to link up and grind up... could easily see 6,000 this year on gold." Inflation driven by AI spending and money printing, combined with geopolitical instability (China/Taiwan, Middle East), creates a perfect environment for precious metals. The "vertical" move may be over, but a consistent upward grind is expected. Long Precious Metals. A strong dollar or aggressive Fed tightening to combat inflation.

"Copper is the element that boils it [the ocean]... shipping your nuclear power to your hyperscaler... you need copper and lots of it." AI is fundamentally an energy arbitrage trade. Moving that energy from generation (nuclear plants) to consumption (data centers) requires physical transmission infrastructure. Copper is non-substitutable for high-efficiency transmission, creating a "tidal wave" of demand against a structural supply deficit. LONG. The "pick and shovel" play for the AI energy crisis. Global recession dampening industrial demand; substitution with aluminum in some applications.

"I hold a lot of gold, a lot of platinum, and way more than that palladium... I'm expecting gold to pick up on the trend... and it will just grind along." Unlike Silver, Gold did not go fully vertical/parabolic yet. It is in a sustainable uptrend ("grind"). Platinum and Palladium are expected to sync with Gold's movement, offering significant upside as they play catch-up. LONG the precious metals complex (excluding Silver) for a steady trend following trade. A strong dollar or hawkish Fed policy that restricts actual liquidity (though Chambers deems this unlikely).

"I hold a lot of gold, a lot of platinum, and way more than that palladium... I'm expecting gold to pick up on the trend... and it will just grind along." Unlike Silver, Gold did not go fully vertical/parabolic yet. It is in a sustainable uptrend ("grind"). Platinum and Palladium are expected to sync with Gold's movement, offering significant upside as they play catch-up. LONG the precious metals complex (excluding Silver) for a steady trend following trade. A strong dollar or hawkish Fed policy that restricts actual liquidity (though Chambers deems this unlikely).

"I picked up some Glen Core today because they're up to their ears in strategic and critical minerals... Copper... It'll go 3x in the next two years." AI and data center build-outs require massive amounts of physical wiring and power infrastructure. Copper is the primary material constraint. While Gold/Silver have already moved, Copper is lagging and poised to "catch up" violently. Glencore (GLNCY) is the specific pick; Freeport (FCX) and Copper ETFs (CPER) are logical sector proxies. Long strategic minerals with a heavy focus on Copper. Global recession dampening industrial demand before the supply crunch hits.

UK equities are deeply undervalued compared to the US, with the same companies trading at one time sales vs four times sales. The UK stock market is 'completely broken', making international companies cheap and prone to takeovers. He puts the bulk of his assets in the UK as a value investor.

The US market is in a bubble that still has 18 months to 2 years to run before a guaranteed crash. The bubble is driven by massive QE-like injections, AI buildout, and onshoring capex. Valuations are extremely high, but he plans to ride the bubble until crazy IPOs signal the top.

Clem is long Equinor (Norwegian state oil company) because it produces oil outside the Middle East, making it immune to the Iran conflict and Strait of Hormuz disruptions. The company pays a ~3.8% dividend, providing income while holding exposure to rising oil prices. As Iran's oil industry breaks down due to tank storage filling up and forced shutdowns, non-Middle Eastern oil producers gain pricing power and strategic value.

Clem is bullish on rare earth minerals due to a severe processing bottleneck controlled by China. He owns Neo Performance Minerals (Canadian rare earth processor) and holds a position in the Sprott Rare Earth ETF. The West needs to rebuild its own processing capacity, and these pure-play rare earth companies will benefit from strategic demand and reshoring.

Clem likes Anglo-American because it is a pure copper play after divesting non-copper assets, and is merging with Teck Resources in Canada to further consolidate copper exposure. Copper is essential for electrification, AI data centers, and reindustrialization, making Anglo-American a focused beneficiary.

Clem is bullish on rare earth minerals due to a severe processing bottleneck controlled by China. He owns Neo Performance Minerals (Canadian rare earth processor) and holds a position in the Sprott Rare Earth ETF. The West needs to rebuild its own processing capacity, and these pure-play rare earth companies will benefit from strategic demand and reshoring.